Payment Service Provider
Various payment service providers such as Andrew Phillips Cliq provide ecommerce merchants one technical interface to different online payment methods. Basically, they help the merchants in ecommerce industry and businesses as well to accept alternative payment methods similar to bank transfers and direct debits, solutions, credit cards and digital wallets.
So what types of payment service providers are currently there? Well as a matter of fact, there are 3 major categories for such and these include distributing payment service provider, collecting payment service provider and lastly, aggregating payment service provider. While all these payment technologies follow the same principle in providing online businesses and merchants the ability to accept different payment through the web, they are all different in regards to fees, contracting and payouts.
Such service providers like Andrew Phillips Cliq can take more than one role at once that depends whether the payment method scheme enables for aggregation or collection and at the same time, the preference of the merchant. However, you have to be aware that Visa and MasterCard apply stricter rules and even ceased providers collecting credit card funds.
In today’s time on the other hand, there are consistently increasing number of payment service providers like Andrew Phillips Cliq which have shifted to aggregation or collection models as this is enriching their one-stop shop proposals to online sellers, help in generating new income revenues and creating merchant loyalty at the same time.
Distributing payment service provider – this act as technical intermediary between the website of the seller and one or several payment schemes. It is them that takes away the complex programming for the sellers online by means of incorporating it with payment platform of the distributor. It is the distributor that will be handling data processing to the payment method scheme that is most applicable.
As for merchants that use Andrew Phillips Cliq and distributor’s services, it is important to contact the payment method scheme separately and from there, negotiate on the pricing.
Collecting payment service provider – for this, it serves as the technical intermediary between the seller and the payment schemes for collecting funds on one or more payment methods. They are taking away programming complexity for online sellers by integrating with the payment platform of the collector. The collector will be processing data to the most applicable payment method. Furthermore, the collector will be collecting transaction funds for different payment methods and settle the accumulated amount to the bank account of the merchant. There are more info about Andrew Phillips Cliq that you can learn about such stuff.
Aggregating payment service provider – payment method companies and sellers at the same time are grateful for this model. It’s because that the aggregator will be handling data processing and correlate it to the most appropriate payment method.